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Alisher Usmanov admitted that there could be some kind of synergy between 7TV and Muz TV, but a final decision had not been made yet.
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June 25, 2007
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Metals Mogul Buys Music TV Channel
Russian metals mogul Alisher Usmanov has paid $300 million for 75 percent in the Muz TV music television channel. Those in the media business say the purchase can be reasonable only in a view of a future consolidation of all his media assets.
Alisher Usmanov said he was buying the stake in Muz TV proceeding from the evaluation of the company at $400 million. Shareholders of Muz TV are not disclosed, but well-informed sources say the TV channel is owned by music producer Igor Krutoy, Ukrainian businessman Rinat Akhmetov and the channels top manager Vyacheslav Kormiltsev. A source close to Mr. Usmanov partly confirmed the information, saying that Mr. Krutoy will retain his 25 percent stake.

In another recent media purchase, the Prof Media holding bought MTV Russia for $360 million.

Experts estimate Muz TVs gross profit to come to $25 million in 2007.

The price for Muz TV should have been 30 percent lower, says Sergey Vasilyev, director of the Video International advertising firm. STS Media President Alexander Rodnyansky is sure that the company is worth no more than $220 million.

Those in the market believe that Alisher Usmanov was willing to pay this handsome sum as he is building a new media holding in Russia. Last summer, the tycoon paid some $230 million for Kommersant Publishing House. In November, he bought 50 percent in the 7TV sports TV channel for $25 million. Some other media acquisitions followed in winter. Mr. Usmanov admitted that there could be some kind of synergy between 7TV and Muz TV, but a final decision had not been made yet.


All the Article in Russian as of June 25, 2007

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